With the current housing market, now is an excellent time to consider buying real estate. Prices are at an all-time low and there are plenty of properties available. Oakstrand Realty is here to provide you with some great tips to help you get a great deal and a great home for your money.
When looking at a specific house, it is important to take a look at the immediate neighborhood. You will be living with these people, so it is important to get a good idea of who they are. Additionally, consider the location of the kitchen in the house. Ideally, it should have direct access to the backyard for easy preparation of garden functions or barbeques, and it should be adjacent to the garage for easy grocery transfer.
It is also important to research the crime rate of the neighborhood. This will help with the safety of your family and the security of your possessions. Your insurance rates and resale value will also be affected by the safety of the neighborhood.
Before shopping for a home, it is best to have a budget in mind. Experts suggest that housing costs should not exceed 30% of monthly income. Make sure to leave room in your budget for unexpected expenses such as repairs or remodeling before committing to a loan. If it seems like too much of a stretch, it is probably too expensive.
Be sure to negotiate for a better price. With the current weak housing market, sellers may be more willing to reduce the sales price in order to make a sale. Those with good credit can often call the shots. Although interest rates are at historic lows, few borrowers qualify and buyers are so scarce that they can often name their price.
When selecting a home, make sure it is close to all of the amenities that you might need. You don't want to live in the perfect house and have to drive a long way to get to a pharmacy, grocery store, or any other convenience place.
Be sure to have job security before attempting to buy a home. Many people make the mistake of buying a home when they have a job that is not very stable, and then they cannot make the monthly mortgage payments when they become unemployed.
When you are going to purchase a condo, apartment or a townhouse, make sure to inquire about Home Owner Association (HOA) fees. Although HOA fees sometimes cover lawn care, household repairs and provide you with amenities, it can also cost a fortune. Make sure to factor these fees into your budget before you purchase a place.
Finally, do a test run of the commute during commute hours if you have decided on a neighborhood for your next home and you have to drive to work. You don't want to be surprised by bad traffic patterns after you have purchased a house in this neighborhood. If you know exactly what your commute will be like, you can make a more informed decision about moving into this neighborhood.
With the right advice and tips, you don't have to be a wealthy real estate investor to get a great buy in real estate and take advantage of these historically low prices. Oakstrand Realty is here to help you get the best deal for your money when buying a home.